March 22, Colombo (LNW): Motorists across the country are grappling with a steep rise in fuel costs after a fresh round of price revisions took effect from midnight on March 21, triggering a chain reaction among leading fuel distributors.
The initial adjustment was introduced by the state-run supplier, prompting other key players in the market to swiftly align their rates. Among them, Sinopec implemented some of the most notable increases, with premium-grade petrol and diesel seeing particularly sharp jumps.
Prices for higher-octane petrol surged to nearly Rs. 500 per litre, while top-tier diesel climbed well beyond Rs. 550, marking one of the most significant hikes in recent months. Standard petrol and diesel categories also recorded sizeable increases, pushing everyday fuel costs considerably higher for consumers.
Lanka IOC followed suit shortly afterwards, revising its own pricing structure in line with the broader market shift. The company indicated that the adjustments were necessary to remain consistent with prevailing supply costs and international pricing trends.
The state supplier had earlier raised its own rates across multiple categories, including both petrol variants and diesel products. Kerosene, widely used in lower-income households, was also affected, adding further pressure on household expenses.
Industry observers note that the latest increases reflect ongoing volatility in global energy markets, with local prices increasingly sensitive to external shocks. The developments are expected to have a knock-on effect on transport costs and the prices of essential goods in the coming weeks, raising concerns about the overall cost of living.